Executive denied bail in embezzlement case

The former chief financial officer of an Irvine technology company remained in custody Monday after he was denied bail in U.S. District Court, authorities said.

Jean Joseph Ibrahim, 33, was indicted last week on two counts of wire fraud related to a $16-million embezzlement scheme. He has been in federal custody since his arrest last month when he reentered the country at John F. Kennedy Airport in New York.

He was returned to California on April 11. Ibrahim was assigned to U.S. District Judge Andrew Guilford, according to court records.

After Ibrahim resigned from Irvine-based Trustin Technology in February, company officials went to the FBI with suspicions that he had been embezzling, according to the criminal complaint filed by prosecutors. A review of the company's accounting records showed that Ibrahim had diverted more than $16 million into his personal accounts.

Ibrahim used the money to gamble, trade commodities, take trips and buy clothing, according to the prosecution.

The two counts of wire fraud are based on two wire transfers, totaling more than $1 million, made from company accounts to Ibrahim's TD Ameritrade account last December and January, according to the complaint.